A S M Alvee Rahman

International Energy Agency - or otherwise known as IEA - stated that the rate of recovery currently seen in global oil demand might lessen slightly due to to outbreak of the Omicron variant of the Covid-19. However situation is expected to become more comfortable for oil market next year. Though the initial response to the outbreak of this new variant showed a bit of pessimism, decisions being made recently are appearing to be more measured. The surge in new Covid-19 cases might slowdown but won't stop the recovery the oil market is going through, according to as IEA's latest monthly report. It also said that widespread vaccination campaigns have definitely helped the case. IEA - in it's forecast - has reduced it’s prediction of global daily demand for oil by 100000 barrels for this and next year - both - due to the new travel restrictions recently put in place.